UAE's Collaborative Efforts Combat Money Laundering and Terrorism Financing

UAE, 04 March, 2024 : The UAE's successful completion of FATF requirements and subsequent exit from enhanced monitoring demonstrate a concerted national effort to combat money laundering and terrorism financing. Through collaborative endeavors among law enforcement agencies, regulatory bodies, and the private sector, the UAE has implemented a robust strategy. Led by the NAMLCFTC, which is chaired by the CBUAE Governor, over 32 entities work together to adhere to international standards and recommendations. This collaboration has facilitated the establishment of specialized sub-committees, the dissemination of guiding manuals and policies, and the development of a regulatory framework for information exchange.

In its commitment to combat financial crimes, the UAE has invested in technology and artificial intelligence, notably employing platforms such as goAML and Fawri Tick to enhance the detection of suspicious transactions. In 2023 alone, 181 field examinations were conducted, resulting in fines totaling AED 113.675 million imposed on institutions for non-compliance with regulatory requirements. Furthermore, the UAE's Financial Intelligence Unit has played a pivotal role, processing over 8300 requests from law enforcement authorities and signing 68 agreements for information exchange with global counterparts.

Khaled Mohamed Balama, Governor of the CBUAE and Chairman of the NAMLCFTC, reaffirms the UAE's steadfast commitment to combatting financial crimes. He underscores the importance of ongoing cooperation with FATF to ensure the integrity and safety of the UAE's financial system and to address illicit financial flows. Balama emphasizes the need for continued vigilance and supervisory efforts, highlighting the UAE's dedication to combating financial crimes and its alignment with global standards in this endeavor.

Source : www.wam.ae